Tide, a London, UK-based digital business banking platform, raised £44.1m in a first-round of Series B funding.
The round was led by The SBI Group and Augmentum Fintech plc. The second round is expected to close by the end of the year.
The company intends to use the funds to increase its share of the UK business banking market, as well as for international expansion.
Led by Oliver Prill, CEO, Tide is a business banking platform offering both financial and admin services to SMEs.
Earlier this year, Tide’s partner, ClearBank secured a £60 million grant (US$74 million) from the RBS Alternative Remedies Package. the company subsequently committed to raise an additional £60 million (US$74million) in upcoming funding rounds. Including the BCR grant, this will take the total raised to more than £130 million (US$160 million) to support its growth plans.
The company, which has a team of over 250 people, provides:
– Tide Plus, an upgraded account giving members additional support for running their businesses, including a dedicated 24/7 legal helpline, and phone helpline, and
– Tide Capital, a subsidiary company, which allows it to offer its own credit products to members for the first time.